From The Telegraph .....Swiss rating agency I-CV stripped Germany of its AAA rating last month. “Germany has taken on contingent liabilities of €2 trillion. When you create these backstops, the money comes from somewhere and it can all go wrong,” said I-CV’s Rene Hermann.
The southern European countries owe a lot of money for the imports from Germany financed by borrowing at low interest rates. Now Germany wants to be paid. This is the bottom line.